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Marketing mix elements

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Describe the element of the marketing mix product, place, price, promotion. How does Wal-Mart use each one in developing their marketing strategy?

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This solution discusses marketing mix elements.

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Marketing Mix & Its Components

Marketing mix is one of the most famous marketing terms that are used in the marketing plan as a component. The concept of marketing mix is quite simple as it includes four major elements of the marketing strategy of a business namely price, place, promotion and product. The components of marketing mix are used to alter the customers on the basis of different types of segments. Following are the different elements of marketing mix -

Product - In the first element of marketing mix a marketer may include all things that satisfy needs or wants of the consumers. It is the most important aspect of the marketing mix as it comprises product features, styles designs and product appearance. The quality is also an important factor of the product element that includes design type, material size etc. All the tangible and intangible objects that are manufactured and produced by the organization are included in this element (Peter & Donnelly, 2002).

Price - Price could be described ...

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